SoFi digital bank brings back crypto services after 2-year hiatus

SoFi digital bank brings back crypto services after 2-year hiatus

2025-06-27Business
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Alex
Good morning, Goose Pod listeners! I'm Alex, and I'm thrilled to be here with my co-host Casey today, on this lovely [Current Date, e.g., October 26th, 2023]. We've got a fascinating topic lined up that touches everyone's lives, whether they realize it or not. Let's dive in!
Casey
And I'm Casey! It's great to be back, Alex. Today, we're going to explore something truly transformative: the profound impact of Artificial Intelligence on our daily lives. From the smallest interactions to monumental shifts, AI is reshaping our world. I can't wait to unpack this with you!
Alex
Absolutely, Casey. It's a topic that's constantly evolving, and there's so much to discuss. We'll be looking at how AI has become so pervasive, its historical journey, the challenges it presents, and what the future might hold for us all.
Casey
You know, it's funny, Alex, sometimes I feel like AI is everywhere, even in places I don't expect. Like when my streaming service perfectly recommends a show I didn't even know I wanted to watch, or my phone seems to anticipate my next word. It’s almost spooky!
Alex
It truly is, Casey! That feeling of omnipresence is spot on. We're talking about a technology that powers everything from personalized ads you see online to the complex algorithms that optimize traffic flow in smart cities. It’s seamlessly integrated into our digital existence.
Casey
Right! And it's not just the subtle things. Think about self-driving cars, or medical diagnostics that can identify diseases earlier than human doctors. These aren't just futuristic concepts anymore; they're happening now, transforming industries and saving lives. It's truly amazing, isn't it?
Alex
Indeed. The sheer volume of data AI can process and learn from is mind-boggling. It allows for patterns to be recognized and predictions to be made at a scale impossible for humans. This capability is what drives its widespread adoption and impact across so many sectors.
Casey
It reminds me of that time I was trying to plan a trip, and the AI-powered travel site suggested the perfect itinerary, including flights and hotels, tailored exactly to my preferences. It saved me hours of research! It's like having a super-efficient personal assistant.
Alex
Exactly! And this isn't just about convenience. In fields like finance, AI algorithms are detecting fraud with unprecedented accuracy, protecting consumers and businesses alike. The scale and speed at which AI operates truly define this phenomenon.
Casey
So, we're talking about a technology that's not only pervasive but also incredibly powerful, shaping our choices, our safety, and even our health. It's a striking presence that we can't ignore, and it's only going to grow from here, right?
Alex
That's precisely it, Casey. It's the defining technological shift of our era, and understanding its origins helps us grasp its current trajectory. Shall we delve into a little bit of its history and how we got to this point?
Casey
I'd love to, Alex! It’s easy to think of AI as a brand-new concept, but its roots actually go way back, even before computers were commonplace. I remember reading about early ideas of intelligent machines from ancient Greek myths!
Alex
That's a great point, Casey! The concept of artificial beings has indeed fascinated humanity for centuries. But the modern academic field of AI really began in the mid-20th century, with foundational work by pioneers like Alan Turing. His 1950 paper, 'Computing Machinery and Intelligence,' proposed the 'Turing Test.'
Casey
Oh, the Turing Test! Isn't that where a machine tries to exhibit intelligent behavior equivalent to, or indistinguishable from, that of a human? It's like, can a computer trick you into thinking it's a person? That's such a classic concept!
Alex
Exactly! It was a pivotal moment. Then, the term 'Artificial Intelligence' itself was coined in 1956 at the Dartmouth Conference. This event is often considered the birthplace of AI as a formal academic discipline. Early efforts focused on symbolic AI, trying to program human knowledge and rules directly.
Casey
So, they were literally trying to write down all the rules a human would use to think? That sounds incredibly complex, almost like trying to write a dictionary of every thought! No wonder there were 'AI winters' when progress seemed to stall.
Alex
That's a very apt analogy, Casey. Those 'AI winters' occurred when the initial hype outpaced technological capabilities. But significant breakthroughs in the 1980s, especially with expert systems, reignited interest. These systems used rule-based reasoning for specific domains, like medical diagnosis.
Casey
Ah, expert systems! I remember hearing about those. They were like, little pockets of highly specialized knowledge, right? But what really changed the game to bring us to the AI we see today?
Alex
The real turning point, I'd argue, came with the rise of machine learning, especially in the last couple of decades. Instead of explicitly programming rules, machine learning algorithms allow computers to 'learn' from data. This was revolutionary.
Casey
Machine learning, that's like, giving the computer a giant textbook and telling it to figure out the answers itself, rather than giving it the answer key directly! So, it learns from patterns in the data rather than explicit instructions?
Alex
Precisely! And within machine learning, deep learning has been a massive driver of recent progress. This involves neural networks with many layers, inspired by the human brain's structure. These networks excel at tasks like image recognition and natural language processing.
Casey
Deep learning… that's what powers things like facial recognition on our phones and those incredible AI art generators, right? It's amazing how a computer can learn to 'see' or 'understand' like that, just by looking at tons of examples.
Alex
Exactly, Casey. And coupled with the explosion of 'big data' – the vast amounts of information we now generate – and the increased computational power available, deep learning models have achieved unprecedented performance. This triumvirate really fueled the current AI boom.
Casey
So, to recap, we went from theoretical concepts, through rule-based expert systems, and then hit the jackpot with machine learning and deep learning, fueled by data and computing power. That's a pretty epic journey for a technology!
Alex
It truly is, Casey. And it's important to understand these different facets of AI because they each have their strengths and weaknesses, and they're applied in different contexts. It's not just one monolithic 'AI,' but a collection of specialized tools.
Casey
That makes sense. It's like saying 'transportation' covers everything from bicycles to spaceships! So, knowing this background, it helps us appreciate the complexities and, dare I say, the 'conflicts' that arise from such powerful technology.
Alex
You've hit on a crucial point, Casey. With great power comes great responsibility, and AI certainly brings its share of challenges and ethical dilemmas. One of the biggest concerns on everyone's mind is job displacement.
Casey
Oh, absolutely. It's a huge fear for many people. Will robots take all our jobs? We've seen automation impact manufacturing for decades, but now AI threatens roles in creative industries, customer service, and even highly skilled professions. It's a scary thought for many.
Alex
It is. While some argue that AI will create new jobs – jobs we can't even imagine yet – the transition period could be very disruptive. How do we retrain a workforce, for instance, when AI starts performing tasks previously done by humans?
Casey
That's the million-dollar question, isn't it? And beyond jobs, there are deep ethical concerns. Take algorithmic bias, for example. If AI systems are trained on biased data, they can perpetuate and even amplify existing societal prejudices, whether in hiring or criminal justice.
Alex
That's a critical issue, Casey. If the data reflects historical inequalities, the AI will learn those inequalities. This leads to unfair outcomes, and it's a huge challenge to ensure AI systems are fair, transparent, and accountable, especially in sensitive applications.
Casey
And privacy! My goodness, the amount of data AI systems collect on us is staggering. Every click, every purchase, every interaction. Who owns that data? How is it protected? It feels like a constant tug-of-war between convenience and personal information security.
Alex
The privacy debate is indeed intensifying. Governments are scrambling to enact regulations like GDPR, but the pace of AI development often outstrips legislative efforts. It's a constant balancing act between innovation and safeguarding individual rights.
Casey
Then there's the 'black box' problem, where even the creators of complex AI models don't fully understand how they arrive at certain decisions. If we can't understand why an AI made a choice, how can we trust it, especially in critical areas like self-driving cars or medical diagnoses?
Alex
It's a huge challenge for accountability. Explanations are crucial for trust and adoption. And let's not forget the potential for misuse. AI could be used for autonomous weapons, mass surveillance, or spreading misinformation at an unprecedented scale. These are not minor concerns.
Casey
The 'deepfake' technology is a perfect example of misinformation, isn't it? AI can create incredibly realistic fake videos and audio, making it harder and harder to distinguish truth from fabrication. It's a terrifying prospect for democracy and public trust.
Alex
Absolutely, Casey. The potential for societal destabilization is real. So, while AI offers immense benefits, we must confront these conflicts head-on. It's about finding the right balance between harnessing its power and mitigating its risks.
Casey
It's not just a technical problem then, it's a social and political one too. Navigating these challenges effectively will define how AI integrates into our future, and whether it truly serves humanity or creates new divides.
Alex
Precisely. And these conflicts directly lead us to consider the profound impact AI is already having and will continue to have. Beyond the immediate job concerns, think about how it's changing the very fabric of our daily lives.
Casey
Oh, for sure! Just last week, my smart home system, which is powered by AI, totally optimized my energy usage without me even thinking about it. My lights adjust, my thermostat learns my preferences—it's like living in a sci-fi movie! It's so convenient.
Alex
That's a perfect everyday example, Casey. On a larger scale, AI is revolutionizing healthcare. From accelerating drug discovery to personalizing treatment plans based on a patient's genetic makeup, AI is making medicine more precise and effective.
Casey
Yes, I heard about AI being used to analyze medical images, like X-rays or MRIs, to detect anomalies that even trained human eyes might miss. That's a huge impact on early diagnosis and potentially saving lives. It's truly incredible what it can do!
Alex
And in education, AI-powered tutoring systems can adapt to a student's individual learning pace and style, offering personalized instruction. This could potentially bridge educational gaps and make learning more accessible and effective for everyone.
Casey
That’s fantastic! Imagine a student who struggles with a particular concept getting immediate, tailored help from an AI tutor. That could truly transform how we learn. It really levels the playing field in so many ways.
Alex
Beyond individual impact, AI is reshaping entire industries. Logistics, finance, agriculture – AI is optimizing processes, predicting trends, and increasing efficiency. This leads to economic shifts and redefines what's possible in various sectors.
Casey
It's like AI is becoming the new 'electricity' – a foundational technology that powers everything else. It will be interesting to see how it continues to integrate and become even more invisible, yet indispensable, in our daily routines.
Alex
A perfect analogy, Casey. The long-term societal implications are vast, affecting how we interact, work, and even think. It's a continuous evolution, and we're just at the beginning of understanding its full scope.
Casey
So, looking ahead, Alex, what do you see as the key solutions or ways forward to navigate this complex AI landscape? How do we ensure this powerful technology benefits everyone?
Alex
That's the big question. One crucial area is regulation and governance. We need clear, ethical guidelines and laws to ensure AI development aligns with societal values, addressing issues like bias, privacy, and accountability from the outset.
Casey
Yes, absolutely! It's like building guardrails for a super-fast car. And what about education? How do we prepare the workforce for a future where AI handles many routine tasks? Do we focus on uniquely human skills?
Alex
Precisely. Emphasizing creativity, critical thinking, emotional intelligence, and complex problem-solving will be key. Lifelong learning and retraining programs will be vital to help people adapt to new roles that emerge from AI integration.
Casey
I can see that. And what about the exciting new trends? Are we talking about more advanced AI that can truly reason, or perhaps AI that collaborates more seamlessly with humans?
Alex
Both! We're moving towards more human-centric AI, designed to augment human capabilities rather than replace them. Think of AI as a powerful co-pilot. Also, advancements in AGI – Artificial General Intelligence – which could perform any intellectual task a human can, are on the distant horizon, though still theoretical.
Casey
Wow, AGI sounds like something straight out of science fiction! So, what's the one thing our listeners can take away from all this? How can they prepare for or engage with this AI-driven future?
Alex
Stay curious and informed. Don't be afraid to engage with AI tools, understand their capabilities and limitations. Advocate for ethical AI development. Your informed participation is crucial in shaping a future where AI serves humanity's best interests.
Casey
That's excellent advice, Alex. This discussion really highlighted that AI is not just a technological marvel, but a societal mirror, reflecting our values and challenges. It's a journey we're all on together.
Alex
Indeed, Casey. It’s been an incredibly insightful discussion. Thank you for listening to Goose Pod today, and we hope this episode gave you plenty to think about regarding AI’s pervasive and ever-evolving impact.
Casey
Yes, thank you for joining us! We'll be back soon with another exciting topic. Until then, keep exploring, keep questioning, and embrace the future. See you next time, Goose Pod listeners!

# SoFi Technologies Re-Enters Cryptocurrency Market After Regulatory Hiatus ## News Metadata * **News Title**: SoFi digital bank brings back crypto services after 2-year hiatus * **News Type**: Cryptocurrency, Business * **Report Provider/Author**: Cointelegraph / Martin Young * **Date Published**: 2025-06-26 03:55:21 (UTC) * **Relevant News Identifiers**: * **Source**: Cointelegraph * **URL**: `https://cointelegraph.com/news/san-francisco-sofi-reoffering-crypto-trading-after-2-year-pause` * **Topic**: business * **SubTopic**: cryptocurrency ## Comprehensive Summary Online banking platform SoFi Technologies has announced a significant re-entry into the cryptocurrency market, reintroducing crypto trading and blockchain-powered international remittances. This move marks a major pivot for the American personal finance and fintech firm, which had exited the crypto space in November 2023 due to regulatory challenges. ### Key Developments and Offerings * **Reintroduction of Crypto Trading**: SoFi customers will now be able to **buy, sell, and hold crypto assets** directly within their accounts. * **Blockchain-Powered International Remittances**: The firm is introducing "blockchain-powered international remittances," which SoFi CEO Anthony Noto explained will "convert fiat to crypto, transmit via blockchain, and convert to local fiat" for international payments. * **Future Expansion Plans**: SoFi plans to expand its crypto offerings to include: * **Stablecoin offerings**. * The ability to **borrow against crypto assets**. * New **staking features**. * Expanding payment options. * **CEO's Vision**: Anthony Noto expressed excitement about the innovation blockchain, crypto, and AI can drive, aiming to make financial services "faster, easier, safer, more accessible, and lower cost for our members." He emphasized that this is "day one" of such innovation. * **Galileo Platform Support**: SoFi's Galileo finance platform will support third-party crypto infrastructure, including wallets and custody solutions, positioning the company to compete effectively in the evolving digital finance landscape. ### Context of SoFi's Exit and Re-entry * **2023 Exit**: SoFi previously pulled out of the crypto industry in **November 2023**. This exit was a condition for receiving a bank charter under a stricter regulatory environment at the time. * **Current Re-entry Drivers**: The decision to re-enter is attributed to an **easing of regulations under the Trump administration**. Specifically, stablecoin legislation is currently progressing through Congress, and the Federal Reserve has reportedly removed "reputational risk" as a factor when examining banks, potentially simplifying interactions between crypto companies and traditional banks. ### Market Context and Financial Impact * **Fintech Blockchain Industry Growth**: The timing of SoFi's crypto offerings aligns with significant projected growth in the fintech blockchain industry. According to Insider, this sector is expected to grow from **$3.4 billion in 2024 to $49 billion by 2030**, indicating a robust and expanding market opportunity. * **SoFi Stock Performance**: Following the news, SoFi's company stock (SOFI) has gained approximately **12% over the past week**, according to Google Finance, suggesting a positive investor reaction. * **Broader Crypto Market Sentiment**: The article also notes broader market optimism, citing that "History suggests Bitcoin taps $330K" and "crypto ETF odds hit 90%," which could further support SoFi's strategic move into the digital asset space.

SoFi digital bank brings back crypto services after 2-year hiatus

Read original at Cointelegraph

Online banking platform SoFi Technologies is making a major comeback in cryptocurrency after exiting the market due to regulatory challenges, reintroducing crypto trading and onchain remittances.The American personal finance and fintech firm announced on Wednesday that it was reentering the cryptocurrency market and introducing “blockchain-powered international remittances,” marking a significant pivot after exiting the space in November 2023.

SoFi eyes stablecoin offerings tooSoFi customers will be able to buy, sell, and hold crypto assets in their accounts, and the firm plans to eventually expand into stablecoin offerings and add the ability to borrow against crypto, according to a waitlist notice on its website. The firm will be providing members “the ability to borrow against their assets, expanding payment options, and introducing new staking features,” it stated.

SoFi CEO Anthony Noto said he was “very excited” about the innovation the firm can drive using blockchain and crypto across its businesses, adding that “SoFi’s planned new international payments (frequently called remittances) will convert fiat to crypto, transmit via blockchain, and convert to local fiat.

”Source: Anthony NotoA pivot to crypto Noto added that it was only “day one” of the type of innovation that can be driven via blockchain, crypto, and AI “to make financial services faster, easier, safer, more accessible, and lower cost for our members.”The timing of its crypto offerings comes as the fintech blockchain industry is projected to grow from $3.

4 billion in 2024 to $49 billion by 2030, according to Insider. The company’s Galileo finance platform will also support third-party crypto infrastructure such as wallets and custody, positioning SoFi to compete in the evolving digital finance landscape, it added. SoFi pulled out of crypto in 2023SoFi pulled out of the crypto industry in 2023 as a condition of receiving a bank charter under a stricter regulatory environment.

However, regulations have eased under the Trump administration, with stablecoin legislation currently making its way through Congress and the Federal Reserve removing “reputational risk” when examining banks, which could make it easier for crypto companies to deal with banks. Company stock (SOFI) has gained around 12% over the past week, according to Google Finance.

Magazine: History suggests Bitcoin taps $330K, crypto ETF odds hit 90%: Hodler’s Digest

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